Question 1

Monopolistic competition may result in high costs,and therefore it does not do a good job of serving consumers the way they want to be served.

Accepted Answer

Monopolistic competition is sometimes accompanied by high prices for new products.But consumers have choices.They don't have to buy the new product unless they think it is a better value.The old products are still available,and their prices usually drop to meet the new competition.

Question 2

There are many reasons for business failures,including products that do not create value in the eyes of the customer,improperly identifying the target market,and lack of innovative thinking.

Accepted Answer

Factors that lead to business failures are products that don't create value in the eyes of the customer,an inability of firms to identify new target markets,and a lack of innovative ideas.

Question 3

When evaluating marketing,it is best to evaluate micro-marketing and macro-marketing separately.

Accepted Answer

When evaluating marketing,we must treat each of these levels (micro-marketing and macro-marketing)separately.

Question 4

Consumer satisfaction at the micro level cannot be measured because firms cannot determine how well their products satisfy customers.

Accepted Answer

Individual businesses can and should try to measure how well their marketing mixes satisfy their customers (or why they fail).In fact,most large firms now have some type of ongoing effort to determine whether they're satisfying their target markets.

Question 5

A firm that fails to offer a new marketing mix stands to bear the high cost of missed opportunities.

Accepted Answer

A sign of failure is the inability of firms to identify new target markets and new opportunities.When a firm does not offer a new marketing mix,it stands to bear the high cost of missed opportunities.

Question 6

Evaluating marketing effectiveness is impossible.

Accepted Answer

Measuring the marketing effectiveness of an individual firm is difficult,but not impossible.

Question 7

Micro-marketing often costs too much because many firms improperly blend the Four Ps and misunderstand both their customers and the market environment that affects their operation.

Accepted Answer

Marketing inefficiencies are due to improper blending of the Four Ps-that is,lack of understanding or adjustment to the customer or the market environment.

Question 8

The fact that many firms are too production-oriented and inefficient is one reason so many new products fail.

Accepted Answer

Many new products fail because too many firms are too production-oriented and not nearly as efficient as they could be.

Question 9

Making sure that the benefits a customer receives from a marketing mix exceed the customer's costs of obtaining those benefits is one way to gain a competitive advantage.

Accepted Answer

If the benefits a customer receives from a marketing mix exceed the customer's costs of obtaining those benefits,the firm can gain a competitive advantage.

Question 10

Micro-marketing efforts help the economy grow by stimulating innovation.

Accepted Answer

Innovative ideas lead to new investments,which contribute to economic growth and higher levels of national income and employment.

Question 11

Looking at the "average" satisfaction of a whole society does not provide a complete picture for evaluating macro-marketing effectiveness.

Accepted Answer

Looking at the "average" satisfaction of a whole society does not provide a complete picture for evaluating macro-marketing effectiveness.

Question 12

Advertising is probably the most criticized of all micro-marketing activities.

Accepted Answer

Advertising is the most criticized of all micro-marketing activities.

Question 13

At the macro level,consumer satisfaction is difficult to measure and interpret,so any evaluation is in part subjective.

Accepted Answer

Although efforts to measure satisfaction are useful,any evaluation of macro-marketing effectiveness has to be in part subjective.

Question 14

At the macro level,consumer satisfaction can easily and objectively be measured using practical economic methods.

Accepted Answer

Although efforts to measure satisfaction are useful,any evaluation of macro-marketing effectiveness has to be in part subjective.

Question 15

Evaluating marketing effectiveness of an individual firm is difficult,but not impossible.

Accepted Answer

Measuring the marketing effectiveness of an individual firm is difficult,but not impossible.

Question 16

In the United States,the basic objective of our market-directed economic system has been to satisfy consumer needs as they,the consumers,see them.

Accepted Answer

In the United States,the basic objective of our market-directed economic system has been to satisfy consumer needs as they,the consumers,see them.

Question 17

Thanks to much publicity,the marketing concept is now practiced by all firms.

Accepted Answer

Despite much publicity,the marketing concept is not applied in many places.

Question 18

The American Customer Satisfaction Index makes it possible to track changes in consumer satisfaction measures over time and even allows comparison among countries.

Accepted Answer

The American Customer Satisfaction Index makes it possible to track changes in consumer satisfaction measures over time and even allows comparison among countries.

Question 19

According to the text,micro-marketing does not cost too much in the United States,but macro-marketing often does cost too much.

Accepted Answer

Micro-marketing frequently does cost too much but macro-marketing does not cost too much-given the present objective of the American economy,consumer satisfaction.

Question 20

In the United States,the aim of the economic system has been to satisfy consumers' needs as they-the consumers-see them.

Accepted Answer

In the United States,the basic objective of our market-directed economic system has been to satisfy consumer needs as they,the consumers,see them.

Quiz 19: Ethical Marketing in a Consumer-Oriented World: Appraisal and Challenges

Monopolistic competition may result in high costs,and therefore it does not do a good job of serving consumers the way they want to be served.

There are many reasons for business failures,including products that do not create value in the eyes of the customer,improperly identifying the target market,and lack of innovative thinking.

When evaluating marketing,it is best to evaluate micro-marketing and macro-marketing separately.

Consumer satisfaction at the micro level cannot be measured because firms cannot determine how well their products satisfy customers.

A firm that fails to offer a new marketing mix stands to bear the high cost of missed opportunities.

Evaluating marketing effectiveness is impossible.

Micro-marketing often costs too much because many firms improperly blend the Four Ps and misunderstand both their customers and the market environment that affects their operation.

The fact that many firms are too production-oriented and inefficient is one reason so many new products fail.

Making sure that the benefits a customer receives from a marketing mix exceed the customer's costs of obtaining those benefits is one way to gain a competitive advantage.

Micro-marketing efforts help the economy grow by stimulating innovation.

Looking at the "average" satisfaction of a whole society does not provide a complete picture for evaluating macro-marketing effectiveness.

Advertising is probably the most criticized of all micro-marketing activities.

At the macro level,consumer satisfaction is difficult to measure and interpret,so any evaluation is in part subjective.

At the macro level,consumer satisfaction can easily and objectively be measured using practical economic methods.

Evaluating marketing effectiveness of an individual firm is difficult,but not impossible.

In the United States,the basic objective of our market-directed economic system has been to satisfy consumer needs as they,the consumers,see them.

Thanks to much publicity,the marketing concept is now practiced by all firms.

The American Customer Satisfaction Index makes it possible to track changes in consumer satisfaction measures over time and even allows comparison among countries.

According to the text,micro-marketing does not cost too much in the United States,but macro-marketing often does cost too much.

In the United States,the aim of the economic system has been to satisfy consumers' needs as they-the consumers-see them.